Côte d’Ivoire development company plans A$62.5 million capital raising
(Kitco News) - West African gold explorer and developer Tietto Minerals Limited (ASX: TIE) is planning an underwritten placement to raise
$45.0 million and a further non‐underwritten placement of A$12.5 million through the issue of
approximately 92.7 million fully paid ordinary shares at $0.62 per share to raise a total of A$57.5 million. In addition, the company will undertake a share purchase plan of up to A$5 million for a total capital raising of up to A$62.5 million (US$44.4 million).
Funds will be used for drilling, as well as funding pre-feasibility and definitive feasibility study at Abujar.
"I expect Tietto will continue to deliver a strong flow of activity and newsflow in the weeks and months
ahead as we provide regular drilling updates, deliver our Mineral Resource update expected in
September 2020, and our Pre‐Feasibility Study in Q1 2021," said Tietto Managing Director, Dr Caigen Wang.
"Most significantly, this Placement means Tietto is now fully funded to deliver its Pre‐Feasibility Study
and Definitive Feasibility Study next year, and have great flexibility to commit to some long lead time
items related to mine development. This is an enviable position to be in given Tietto only listed on the
ASX in 2018.”